《科创板日报》19日讯，华为今日推出鸿蒙电脑HUAWEI MateBook Pro与HUAWEI MateBook Fold 非凡 大师。其中，鸿蒙电脑HUAWEI MateBook Pro售价7999元起，HUAWEI MateBook Fold 非凡大师为全球 最大商用折叠电脑，售价23999元起。 华为发布两款鸿蒙电脑 ...

闫德利 腾讯研究院资深专家 一、需求是技术创新的根本动力 古希腊先哲柏拉图在《理想国》中说过："我们的需要将是真正的创造者。"英国有句谚语："需要乃发明 之母 （Necessity is the Moth er of Invention） 。"丹麦经济学家博塞拉普在其著作《农业增长条件》中也有相同 观点。 创新要走进现实，就必须和人们的需求相结合，就必须"把论文写在祖国大地上"。 需求的紧迫程度和规 模大小，决定着创新的速度和水平。 地理大发现是人类史上最重要的事件之一，其产生是源于口腹之欲 ——欧洲人渴望寻找并带回东方的香料，甚至把盛产辛香料的东南亚岛屿命名为"香料群岛"。对香料的 朴实需求催生了大航海，计算机则起源于二战，互联网起源于冷战。第一台可编程的电子计算机——巨 人计算机 （Colossus Computer） 由英国在1943年发明，目的是破译德军密码；第一台通用数字计算机—— ENIAC （埃尼阿克） 于1946年在宾夕法尼亚大学宣布诞生，目的是用于计算火炮的火力表；1969年美国 高级研究计划局 （ARPA） 组建阿帕网，目的是为国防系统提供一个分散式的网络通信指挥系统，这是互 联网的前身。 ...

Group 1 - The core concept of the news is the emergence of "super intelligent agents" in the AI field, representing a significant evolution from traditional AI tools to comprehensive intelligent partners for both individuals and enterprises [2][3]. - Lenovo's CEO, Yang Yuanqing, announced the launch of several super intelligent agents at the 2025 Lenovo Tech World, emphasizing the company's transition from a hardware-focused entity to one centered around intelligent agents [2][3]. - The super intelligent agents are defined by three core features: perception and interaction, cognition and decision-making, and autonomy and evolution [4][6]. Group 2 - The first layer of capability for super intelligent agents is perception and interaction, allowing real-time understanding of user intent through various modalities [4]. - The second layer involves cognitive and decision-making abilities, where the agents can recall long-term memories and match relevant information based on user context [4]. - The ultimate goal of super intelligent agents is autonomy and evolution, enabling them to break down complex tasks into simpler steps and execute them using various tools [4]. Group 3 - Lenovo's mixed AI strategy is gaining traction, with the company reporting a total revenue of 135.1 billion yuan in Q1, a 20% year-on-year increase, and a net profit of 4.98 billion yuan, up 106% [6]. - The concept of mixed AI, which combines personal and enterprise intelligence, is seen as essential for achieving widespread AI adoption and will be a focus for Lenovo over the next decade [6][7]. - Lenovo's self-developed "inference acceleration engine" allows for high-performance AI capabilities on personal devices, reducing reliance on cloud computing and enhancing data privacy [6][7]. Group 4 - The next generation of Lenovo AI PCs will integrate the inference acceleration engine, enabling users to run large models locally without cloud dependency, thus improving response times and privacy [7]. - Lenovo is building a hybrid infrastructure for enterprise intelligence, which includes both public and private cloud components, facilitating data collection, storage, and processing [7]. - The company has launched the "Lenovo LeXiang Super Enterprise Intelligent Agent," which is currently exclusive to Lenovo but aims to expand its capabilities to external enterprises in the future [7].

Urban Renewal - The central government has issued guidelines to promote urban renewal, focusing on eight main tasks including the renovation of existing buildings and the improvement of old neighborhoods [1] - The urban renewal market is projected to exceed 10 trillion yuan in 2024 and could reach 18-20 trillion yuan by 2030, driven by policy incentives, technological upgrades, and rising demand [1] Huawei's Foldable PC - Huawei has officially announced the launch of its foldable PC, set to be released on May 19, featuring a large foldable screen and the self-developed Kirin X90 chip [2] - The global market for foldable devices is expected to surpass 30 million units by 2025, with a compound annual growth rate of 67% [2] Military Simulation Technology - A breakthrough in military simulation technology has been achieved with the development of an AI-based system that can generate thousands of operational scenarios in seconds, significantly reducing planning time [3] - The military simulation market in China is projected to reach 30.25 billion yuan by 2027, supported by increased defense spending and structural changes [3] Star Flash AI Voice Module - The first commercial Star Flash AI voice module has been launched, enhancing short-distance smart interaction capabilities and applicable in various fields such as smart home appliances and industrial operations [4] - Star Flash technology is expected to disrupt the short-range wireless communication market due to its low latency and high reliability [4]

Group 1 - Huawei is set to launch the HarmonyOS foldable laptop on May 19, marking a significant innovation in the PC sector [1][2][5] - The new foldable laptop is expected to feature a minimalist design and high-end materials, with a potentially high price point due to advanced folding hinge technology [5] - Huawei holds a 76.6% market share in China's foldable screen market as of Q1 2025, indicating strong competitive potential for the new product [5] Group 2 - The HarmonyOS laptop has been developed over five years, involving over 10,000 engineers and more than 2,700 core patents, showcasing a significant technological investment [5] - The laptop will run on HarmonyOS 5 and integrate AI and smart interaction features, representing a major breakthrough for domestic operating systems in the PC market [5][7] - Over 1,000 external devices are compatible with the HarmonyOS laptop, including more than 800 standard peripherals, indicating broad usability [5] Group 3 - The launch of the HarmonyOS laptop is seen as a pivotal moment for the development of domestic operating systems, potentially reshaping the global PC industry landscape [7][8] - Currently, Windows and Apple dominate the global desktop operating system market, with Windows holding over 70% market share, suggesting significant room for domestic alternatives [8] - The HarmonyOS laptop fills a 30-year gap in fully self-developed domestic operating systems for PCs, marking a critical advancement in self-sufficiency [8] Group 4 - The integration of AI capabilities into the operating system is becoming a focal point for PC manufacturers, providing a competitive edge for domestic operating systems [7][8] - Due to the expiration of Microsoft's supply license, Huawei's PCs will now rely on fully domestic solutions, including domestic chips and operating systems [8] - The Chinese PC market is projected to ship 39.7 million units in 2024, highlighting the significant replacement potential for HarmonyOS laptops [8]

证券研究报告 2025年05月12日 计算机 行业拐点或已显现，迎接AI时代晨曦 ——计算机2024年报和2025一季报总结 评级：推荐(维持) 刘熹(证券分析师) S0350523040001 liux10@ghzq.com.cn 最近一年走势 相关报告 -26% -9% 8% 24% 41% 58% 2024/05/08 2024/07/08 2024/09/08 2024/11/08 2025/01/08 2025/03/08 2025/05/08 计算机 沪深300 《计算机行业深度：大模型研究框架（2025）——"大模型"系列（5）（推 荐）*计算机*刘熹》——2025-04-21 《计算机"人工智能"系列专题：AutoGLM沉思： DeepResearch+Operator，开启智能体新阶段（推荐）*计算机*刘熹》— —2025-04-17 《计算机行业深度报告：关税对自主可控的影响拆解——计算机"自主可控" 系列报告（3）（推荐）*计算机*刘熹》——2025-04-11 相对沪深300表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 计算 ...

Investment Rating - The report indicates a positive outlook for the computer industry, expecting returns to exceed the CSI 300 index by more than 5% over the next six months [32]. Core Insights - The computer industry index rose by 1.92% during the week of May 6 to May 9, 2025, ranking 17th among 31 primary industries [4][26]. - Year-to-date, the computer industry has increased by 4.32%, outperforming the CSI 300 index by 6.57 percentage points [4][26]. - Huawei's HarmonyOS 5-powered PC is set to officially launch on May 19, 2025, after five years of development involving over 10,000 engineers and more than 2,700 core patents [4][12][24]. - The HarmonyOS ecosystem has surpassed 1 billion devices, with 7.2 million registered developers and over 110 million lines of code [4][13]. Summary by Sections Section 1: Harmony PC Launch and Features - The Harmony PC features cross-device experiences, allowing seamless integration between Huawei smartphones, tablets, and PCs [5][16]. - It incorporates system-level AI capabilities, enhancing user interaction through a smart assistant [17]. - The ecosystem is expanding, with over 150 dedicated applications in development and over 300 applications already adapted for the Harmony PC [21][24]. Section 2: Market Performance - Huawei is a leading player in the domestic PC market, with a projected 15% year-on-year growth in shipments for 2024, increasing its market share from 9% to 11% [6][24]. - The total shipment volume for desktop and laptop computers in mainland China is expected to reach 39.7 million units in 2024 [24][25]. Section 3: Investment Recommendations - The report recommends investing in companies within the Huawei ecosystem, including Softcom Power, Zhiwei Intelligent, Fabben Information, Cloud From Technology, and iFlytek [6][30].

"在中国市场，联想每年需要处理3000万项服务请求。其中70%无需人工介入，剩余30%服务电话的平 均处理时长压缩到1.5分钟。"技术创新带来服务质变的关键在于知识库的深度应用，"当客户报出故障 时，系统会立即基于历史大数据生成分级解决方案：70%概率对应方案A、20%概率对应方案B，整个 过程都有人工智能辅助完成。" 这种"硅基替代碳基"的变革正在全价值链展开。"今年我们设定了明确替代目标：将30%的工作流程改 由机器人完成。"作为国内首个全链条AI转型实践者，联想已沉淀出可复制的赋能模式。"目前形成三大 解决方案和两项专业服务，涵盖直接技术输出与AI转型咨询，可以说我们是国内最领先的AI服务提供 商。" 该系统的技术架构构建于端-边-云融合体系之上，在可信计算环境下创新性推出"联想个人云"解决方 案。"用户所有设备均能嵌入统一智能核心，实现全维度实时数据采集。"刘军特别强调，该方案兼容非 联想产品，"这意味着联想正在构建开放式的智能体生态系统。" 不同于消费端的技术跃进，企业级智能转型呈现出更具实验性的特征。"我们采用创新性的'自我实验'策 略——先用联想擎天智能IT引擎改造自己的业务体系。"刘军给出具象 ...

Group 1: Company Overview - CICC maintains Lenovo Group's earnings forecast and an outperform rating, with current stock price corresponding to FY25/26/27 P/E ratios of 10.4, 8.6, and 7.1 times respectively [1] - Lenovo holds a 25.9% share of the global PC market in Q1 2025, maintaining its position as the market leader with a year-on-year increase of 1.1 percentage points [1] Group 2: Recent Developments - Lenovo introduced a comprehensive super intelligent agent matrix at the Tech World 2025 event, defining the core functions of super intelligent agents aimed at advancing into the hybrid AI era [2] - The company launched six AI PC products featuring the new AI agent "Xiao Tian," enhancing its edge in edge-side intelligent agents with the introduction of super intelligent agents [3] Group 3: Technological Advancements - The super intelligent agent is characterized by three core functions: perception and interaction, cognition and decision-making, and autonomy and evolution, with a focus on data security and privacy [3] - Lenovo's collaboration with Tsinghua University and Wunxin Qiong has led to the development of a reasoning acceleration engine, significantly improving inference performance while reducing memory and power consumption [4] - The development of super intelligent agents relies on core technologies such as model factories and intelligent agent development frameworks, along with automated workflows based on large models [4]

Core Viewpoint - Huawei's HarmonyOS computer was officially unveiled on May 8, featuring a fully self-developed software and hardware architecture, distinct from previous domestic Linux desktop operating systems [1][3]. Group 1: Product Features and Compatibility - HarmonyOS computers cannot upgrade existing Windows computers; users must purchase new products after the official release on May 19 [3]. - The architecture and kernel of Windows and HarmonyOS are fundamentally different, preventing compatibility [3]. - HarmonyOS computers will offer features such as full-scene capabilities, native intelligence, and native security [3]. Group 2: Ecosystem Development - Currently, over 150 dedicated computer ecosystem applications are being adapted, with over 300 integrated ecosystem applications already completed, and a target of over 2000 by the end of the year [3]. - HarmonyOS supports "one development, multi-end deployment," allowing mobile applications to be quickly adapted for computer use, with several popular apps already optimized for HarmonyOS computers [3][5]. Group 3: Market Position and Competition - Huawei's market share in the Chinese PC market is 11%, ranking second, with a 15% year-on-year increase in shipments, while the overall PC shipment volume in mainland China is projected to decline by 4% in 2024 [5]. - Lenovo leads the market with a 35% share, experiencing a 12% decline in shipments [5].